Published on 5/4/2016 in the Prospect News Municipals Daily.
New Issue: Seattle sells $146.47 million general obligation improvement bonds
By Sheri Kasprzak
New York, May 4 – The City of Seattle priced $146.47 million of series 2016 general obligation improvement bonds, according to a pricing sheet. The deal was downsized from $151,325,000.
The deal included $103.66 million of series 2016A G.O. improvement and refunding bonds (Aa1/AAA/AAA), $6.07 million of series 2016B taxable limited tax G.O. improvement bonds (Aa1/AAA/AAA) and $36.74 million of series 2016 taxable limited tax G.O. improvement bonds (Aaa/AAA/AAA).
The 2016A bonds are due 2017 to 2036 with 4% to 5% coupons and yields from 0.55% to 2.69%.
The 2016B bonds are due 2017 to 2028 with term bonds due in 2032 and 2036. The serial coupons range from 1% to 2.625% with yields from 0.7% to 2.7%. The 2032 bonds have a 2.875% coupon priced at 99.053 to yield 2.95%, and the 2036 bonds have a 3% coupon priced at 98.523 to yield 3.1%.
The 2016 bonds are due 2018 to 2045 with coupons from 4% to 5% and yields from 0.71% to 2.92%.
The bonds were sold competitively.
Proceeds will be used to finance capital improvement projects and refund existing debt.
| Issuer: | City of Seattle
|
| Issue: | Series 2016 general obligation improvement bonds
|
| Amount: | $146.47 million
|
| Type: | Competitive
|
| Pricing date: | May 3
|
| Settlement date: | May 25
|
|
|
| $103.66 million 2016A limited tax G.O. improvement and refunding bonds (Aa1/AAA/AAA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,825,000 | 2017 | Serial | 5% | 103.767 | 0.55%
|
| $6.12 million | 2018 | Serial | 5% | 107.908 | 0.69%
|
| $6,435,000 | 2019 | Serial | 5% | 111.719 | 0.83%
|
| $9.77 million | 2020 | Serial | 5% | 115.273 | 0.95%
|
| $10.29 million | 2021 | Serial | 5% | 118.733 | 1.03%
|
| $8.3 million | 2022 | Serial | 5% | 121.467 | 1.19%
|
| $6,605,000 | 2023 | Serial | 5% | 124.024 | 1.32%
|
| $6.57 million | 2024 | Serial | 5% | 126.333 | 1.44%
|
| $3,915,000 | 2025 | Serial | 5% | 127.95 | 1.60%
|
| $4,105,000 | 2026 | Serial | 5% | 129.495 | 1.73%
|
| $4,065,000 | 2027 | Serial | 4% | 118.288 | 1.95%
|
| $4.23 million | 2028 | Serial | 4% | 116.824 | 2.10%
|
| $4.28 million | 2029 | Serial | 4% | 115.668 | 2.22%
|
| $3,035,000 | 2030 | Serial | 4% | 114.62 | 2.33%
|
| $3,165,000 | 2031 | Serial | 4% | 114.053 | 2.39%
|
| $3,285,000 | 2032 | Serial | 4% | 113.489 | 2.45%
|
| $3.42 million | 2033 | Serial | 4% | 112.928 | 2.51%
|
| $3,565,000 | 2034 | Serial | 4% | 112.371 | 2.57%
|
| $3,275,000 | 2035 | Serial | 4% | 111.817 | 2.63%
|
| $3,405,000 | 2036 | Serial | 4% | 111.266 | 2.69%
|
|
|
| $6.07 million series 2016B taxable limited tax general obligation improvement bonds (Aa1/AAA/AAA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $245,000 | 2017 | Serial | 1% | 100.253 | 0.70%
|
| $250,000 | 2018 | Serial | 1.5% | 101.005 | 0.95%
|
| $250,000 | 2019 | Serial | 2% | 102.546 | 1.09%
|
| $255,000 | 2020 | Serial | 2% | 102.847 | 1.24%
|
| $265,000 | 2021 | Serial | 2% | 101.905 | 1.59%
|
| $270,000 | 2022 | Serial | 2% | 101.718 | 1.69%
|
| $275,000 | 2023 | Serial | 2% | 99.935 | 2.01%
|
| $280,000 | 2024 | Serial | 2% | 99.206 | 2.11%
|
| $285,000 | 2025 | Serial | 2.25% | 99.6 | 2.30%
|
| $290,000 | 2026 | Serial | 2.375% | 99.345 | 2.45%
|
| $300,000 | 2027 | Serial | 2.5% | 99.058 | 2.60%
|
| $305,000 | 2028 | Serial | 2.625% | 99.241 | 2.70%
|
| $1.32 million | 2032 | Term | 2.875% | 99.053 | 2.95%
|
| $1.48 million | 2036 | Term | 3% | 98.523 | 3.10%
|
|
|
| $36.74 million unlimited tax general obligation improvement bonds (Aaa/AAA/AAA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $680,000 | 2018 | Serial | 5% | 110.681 | 0.71%
|
| $715,000 | 2019 | Serial | 5% | 114.385 | 0.84%
|
| $750,000 | 2020 | Serial | 5% | 117.718 | 0.98%
|
| $790,000 | 2021 | Serial | 5% | 120.7 | 1.12%
|
| $830,000 | 2022 | Serial | 5% | 123.257 | 1.27%
|
| $870,000 | 2023 | Serial | 5% | 125.599 | 1.40%
|
| $915,000 | 2024 | Serial | 5% | 127.701 | 1.52%
|
| $960,000 | 2025 | Serial | 5% | 129.187 | 1.67%
|
| $1,005,000 | 2026 | Serial | 5% | 129.209 | 1.80%
|
| $1,055,000 | 2027 | Serial | 4% | 118.271 | 1.98%
|
| $1.1 million | 2028 | Serial | 4% | 116.885 | 2.12%
|
| $1.14 million | 2029 | Serial | 4% | 115.712 | 2.24%
|
| $1.19 million | 2030 | Serial | 4% | 114.842 | 2.33%
|
| $1,235,000 | 2031 | Serial | 4% | 114.266 | 2.39%
|
| $1,285,000 | 2032 | Serial | 4% | 113.693 | 2.45%
|
| $1,335,000 | 2033 | Serial | 4% | 113.123 | 2.51%
|
| $1.39 million | 2034 | Serial | 4% | 112.557 | 2.57%
|
| $1,445,000 | 2035 | Serial | 4% | 111.994 | 2.63%
|
| $1,505,000 | 2036 | Serial | 4% | 111.435 | 2.69%
|
| $1,565,000 | 2037 | Serial | 4% | 110.971 | 2.74%
|
| $1,625,000 | 2038 | Serial | 4% | 110.602 | 2.78%
|
| $1.69 million | 2039 | Serial | 4% | 110.326 | 2.81%
|
| $1.76 million | 2040 | Serial | 4% | 110.05 | 2.84%
|
| $1.83 million | 2041 | Serial | 4% | 109.776 | 2.87%
|
| $1.9 million | 2042 | Serial | 4% | 109.593 | 2.89%
|
| $1.98 million | 2043 | Serial | 4% | 109.502 | 2.90%
|
| $2,055,000 | 2044 | Serial | 4% | 109.411 | 2.91%
|
| $2.14 million | 2045 | Serial | 4% | 109.32 | 2.92%
|
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